Jasper Therapeutics initiated with a Buy at Stifel

Stifel initiated coverage of Jasper Therapeutics with a Buy rating and $86 price target. The firm believes the company’s briquilimab will succeed in both chronic spontaneous urticaria and chronic inducible urticaria. Both are partially de-risked by competitor data from Celldex’s (CLDX) barzolvolimab that established c-Kit blockade as an effective mechanism in severe patients, the analyst tells investors in a research note. Stifel also believes briquilimab’s shorter half-life will mitigate on-target toxicity, and yield a more benign safety profile that will given Jasper a competitive commercial advantage.